APG - Tourlite Capital Management First Quarter 2023 Investor Letter

2023-05-22 02:46:00 ET

Summary

• Tourlite Fund, LP Founder Class returned 1.0% for the First Quarter of 2023.
• At the end of the quarter, our portfolio’s sector concentration represented: consumer (~40%), industrials (~40%), technology (~15%), other (~5%).
• Our long portfolio increased 11.5%, outperforming both the S&P 500 and the more diversified Russell 2000.
• Our short portfolio was a significant drag for the quarter, driven by the outperformance of shorts in the first 5 weeks of the year and a few large short positions which rose throughout the quarter.

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